美元樹 (DLTR) 2023 Q1 法說會逐字稿

Good day, and welcome to Dollar Tree Q1 2023 Earnings Call. Today's call is being recorded. At this time, I will now turn the call over to Randy Guiler. Please go ahead, sir.

美好的一天，歡迎來到 Dollar Tree 2023 年第一季度財報電話會議。今天的通話正在錄音中。現在，我將把電話轉給 Randy Guiler。請繼續，先生。

Good morning, and welcome to our call to discuss results for Dollar Tree's First Quarter Fiscal 2023. With me on today's call are Chairman and CEO, Rick Dreiling, and CFO, Jeff Davis.

早上好，歡迎來電討論 Dollar Tree 2023 財年第一季度的結果。今天和我一起參加電話會議的有董事長兼首席執行官 Rick Dreiling 和首席財務官 Jeff Davis。

Before we begin, I would like to remind everyone that various remarks that we will make about expectations, plans and prospects for the company constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties, and our actual results may differ materially from those indicated in these forward-looking statements.

在我們開始之前，我想提醒大家，我們將就公司的預期、計劃和前景發表的各種評論構成前瞻性陳述，以符合 1995 年《私人證券訴訟改革法》規定的安全港條款。這些陳述受風險和不確定性的影響，我們的實際結果可能與這些前瞻性陳述中的結果大不相同。

For information on the risks and uncertainties that could affect our actual results, please refer to the Risk Factors, Business and Management's Discussion and Analysis of Financial Condition and Results of Operations sections in our annual report on Form 10-K filed March 10, 2023, our Form 10-Q for the most recently ended fiscal quarter, our most recent press release and Form 8-K, and other filings we make from time to time with the Securities and Exchange Commission. We caution against reliance on these forward-looking statements made today and we disclaim any obligation to update or revise these statements, except as may be required by law.

有關可能影響我們實際結果的風險和不確定性的信息，請參閱我們於 2023 年 3 月 10 日提交的 10-K 表格年度報告中的風險因素、業務和管理層對財務狀況和經營業績的討論和分析部分，我們最近結束的財政季度的 10-Q 表格、我們最近的新聞稿和 8-K 表格，以及我們不時向美國證券交易委員會提交的其他文件。我們告誡不要依賴今天所做的這些前瞻性陳述，並且我們不承擔任何更新或修改這些陳述的義務，除非法律可能要求。

Also during this call, we will discuss non-GAAP financial measures. Reconciliations of these non-GAAP items to the most directly comparable GAAP financials are provided in today's earnings release and SEC filings. These non-GAAP measures are not intended to be a substitute for GAAP results. Unless otherwise stated, we will refer to financials on a GAAP basis. Unless otherwise stated, all first quarter comparisons for fiscal 2023 are against the same period a year ago. Please note that a supplemental slide deck that outlines a number of the company's key operating metrics is available on the IR portion of our website.

同樣在這次電話會議中，我們將討論非 GAAP 財務指標。這些非 GAAP 項目與最直接可比的 GAAP 財務數據的對賬在今天的收益發布和 SEC 文件中提供。這些非 GAAP 措施無意替代 GAAP 結果。除非另有說明，否則我們將參考 GAAP 基礎上的財務數據。除非另有說明，否則 2023 財年第一季度的所有比較均與一年前同期相比。請注意，我們網站的 IR 部分提供了概述公司一些關鍵運營指標的補充幻燈片。

Following our prepared remarks, Rick and Jeff will take your questions. (Operator Instructions) I will now turn the call over to Rick.

在我們準備好的發言之後，Rick 和 Jeff 將回答您的問題。 （操作員說明）我現在將電話轉給里克。

Thank you, Randy. Good morning, everyone, and thank you for joining our call. As many of you are aware, Dollar Tree will be hosting its investor conference in 4 weeks on June 21 in Norfolk, Virginia, near our corporate headquarters. The conference will be webcast, and I hope to see many of you at this important event. Our investor conference has been overdue, and we understand the level of anticipation for many investors. I hope next month's gathering will provide each of you a better understanding of the transformation taking shape and the speed with which we are making these changes to increase both our productivity and profitability at Dollar Tree and Family Dollar.

謝謝你，蘭迪。大家早上好，感謝您加入我們的電話會議。正如你們中的許多人所知，Dollar Tree 將於 6 月 21 日在弗吉尼亞州諾福克公司總部附近舉辦為期 4 週的投資者會議。會議將進行網絡直播，我希望能在這一重要活動中見到你們中的許多人。我們的投資者會議已經逾期，我們理解許多投資者的期待程度。我希望下個月的聚會能讓你們每個人更好地了解正在形成的轉型以及我們進行這些變革以提高 Dollar Tree 和 Family Dollar 的生產力和盈利能力的速度。

We have been hard at work building the team we need to drive the transformation of this business. The more we dig in, the more historically clear the opportunity becomes, and we are on our way to most fully realize upon it. Our stores are of comparable size to those of our closest peers, but they generate far less revenue per store. We understand why, and we know how to close the gap. There are no structural impediments to our progressing towards this goal. As we do, we will drive growth and gain market share. With the operating leverage embedded in the retail model, accelerating growth in revenue per store will translate into higher margins, and higher margins will increase our return on capital and fueling accelerated store growth. We've gone down this road before, and we know the way. We have a tremendous opportunity to improve both of our segments, and we are pursuing that with vigor.

我們一直在努力建立我們需要的團隊來推動這項業務的轉型。我們挖掘得越多，歷史上的機會就變得越清晰，我們正走在最充分實現它的路上。我們的門店規模與最接近的同行相當，但它們每家門店產生的收入要少得多。我們了解原因，也知道如何縮小差距。我們在實現這一目標方面沒有結構性障礙。正如我們所做的那樣，我們將推動增長並獲得市場份額。隨著零售模式中嵌入的經營槓桿，每家商店收入的加速增長將轉化為更高的利潤率，而更高的利潤率將增加我們的資本回報率並推動商店加速增長。我們以前走過這條路，我們知道路。我們有巨大的機會來改善我們的兩個部門，我們正在積極追求這一目標。

While our enterprise-wide transformation is still in the early stages, we are already seeing results. Our early initiatives have begun to deliver growth and market share gains. We are driving this transformation in the most dynamic retail environment I have seen in my career. While this volatility is real and will generate bumps along the way, it will not affect where this great adventure ends.

雖然我們在整個企業範圍內的轉型仍處於早期階段，但我們已經看到了成果。我們的早期舉措已經開始帶來增長和市場份額收益。我們正在我職業生涯中見過的最具活力的零售環境中推動這一轉型。雖然這種波動是真實存在的，並且會一路顛簸，但它不會影響這場偉大冒險的終點。

In addition to the historic levels of inflation and labor market challenges, retailers have seen in just the past quarter, elevated levels of shrink and even further pressure on the consumers' willingness to spend on discretionary goods, shrink and the mix shift from discretionary goods have pressured margins throughout retail. We are no exception. Ultimately, shrink will either be resolved through defensive merchandising, store closures and/or through government action at the local level. Regarding the near-term unfavorable impact of consumables mix, we believe consumer shopping behavior will normalize over time and the margin profile will rebound.

除了通貨膨脹率和勞動力市場挑戰處於歷史高位之外，零售商在剛剛過去的一個季度中還發現，收縮程度有所提高，消費者在非必需品上的消費意願進一步受到壓力，收縮和非必需品的組合轉變已經整個零售業的利潤率受壓。我們也不例外。最終，收縮將通過防禦性商品銷售、商店關閉和/或通過地方一級的政府行動來解決。關於消耗品組合的近期不利影響，我們認為隨著時間的推移，消費者的購物行為將正常化，利潤率將反彈。

We are acutely attuned to each of these bumps. In the end, none will materially affect our delivering on the promise of this transformation unless we allow them to distract us from what we know we have to do, and we will not allow that to happen.

我們對這些顛簸中的每一個都非常敏感。最後，除非我們允許它們分散我們對我們必須做的事情的注意力，否則它們不會對我們兌現這一轉變的承諾產生實質性影響，而我們不會允許這種情況發生。

We bench our top line sales performance primarily on 3 specific metrics. Sales per square foot growth, growth in transaction count and unit sales or volume growth. Based on these 3 metrics, I am pleased with our quarter 1 performance and the direction we are headed. Overall, the fundamentals of our business are strong. Most significantly, we continue to gain market share, and our traffic and unit volume growth are driving strong top line momentum. The market share gains are a clear validation of the actions that we have taken on pricing and wages and the ongoing improvements we have made in our merchandise assortment, service level and store standards.

我們主要根據 3 個具體指標衡量我們的頂級銷售業績。每平方英尺銷售額增長、交易數量增長和單位銷售額或銷量增長。基於這 3 個指標，我對我們第一季度的表現和我們前進的方向感到滿意。總的來說，我們業務的基礎是強大的。最重要的是，我們繼續獲得市場份額，我們的流量和單位數量增長正在推動強勁的營收勢頭。市場份額的增長清楚地證明了我們在定價和工資方面所採取的行動，以及我們在商品分類、服務水平和商店標準方面不斷做出的改進。

Now, despite our commercial success and building momentum, we are experiencing near-term margin pressures from the macro factors impacting sales mix and elevated shrink. But the most important message that I want to convey today is that we remain completely focused on delivering on our full potential and are executing on our transformation investments at full speed.

現在，儘管我們取得了商業上的成功並建立了勢頭，但我們正在經歷影響銷售組合和收縮率上升的宏觀因素帶來的近期利潤壓力。但我今天想傳達的最重要的信息是，我們仍然完全專注於發揮我們的全部潛力，並正在全速執行我們的轉型投資。

I will now review the highlights for quarter 1. Following my remarks, Jeff will provide a detailed overview of our financial performance and our updated 2023 outlook. For the quarter, we delivered $7.32 billion in sales, an increase of 6.1%, with enterprise comp growth of 4.8% and operating income of $419.7 million, leading to EPS of $1.35 and adjusted EPS of $1.47, when adjusting for a $30 million accrual related to pending legal matters regarding our West Memphis distribution center. Our merchandising and execution remain strong, with comp increases of 3.4% at Dollar Tree and 6.6% at Family Dollar. The underlying sales strength was concentrated in consumables and driven by meaningful transaction growth across both segments.

我現在將回顧第一季度的亮點。在我發表講話後，Jeff 將詳細概述我們的財務業績和我們更新的 2023 年展望。本季度，我們實現了 73.2 億美元的銷售額，增長 6.1%，企業收入增長 4.8%，營業收入為 4.197 億美元，每股收益為 1.35 美元，調整後每股收益為 1.47 美元，其中調整了 3000 萬美元的應計相關費用處理有關我們西孟菲斯配送中心的未決法律事務。我們的推銷和執行力依然強勁，Dollar Tree 的薪酬增長 3.4%，Family Dollar 的薪酬增長 6.6%。潛在的銷售實力主要集中在消費品領域，並受到這兩個領域有意義的交易增長的推動。

Results were even more impressive in the context of Dollar Tree's 11.2% comp increase from a year ago. After fully cycling the $1.25 price point in February, customer traffic remained very favorable at Dollar Tree as comparable traffic count increased by 5.5%. Notably, this was the fourth consecutive quarter of sequential improvement in comps at Family Dollar, with comp traffic up 4.3%.

在 Dollar Tree 的薪酬比一年前增長 11.2% 的情況下，結果更加令人印象深刻。在 2 月份完全循環 1.25 美元的價格點後，Dollar Tree 的客戶流量仍然非常有利，因為可比流量增加了 5.5%。值得注意的是，這是 Family Dollar 連續第四個季度的連續改善，流量增長了 4.3%。

For nearly all of 2022 comp traffic counts trends in both segments were negative, so quarter 1 was an important inflection point for the company, with traffic increasing both sequentially and year-over-year.

幾乎所有 2022 年，這兩個細分市場的流量計數趨勢都是負面的，因此第一季度是公司的一個重要轉折點，流量環比和同比都在增長。

The turnaround at Family Dollar is gaining meaningful traction. In addition to the improving traffic, Family Dollar's comp was driven by a 2.2% increase in average ticket. At Family Dollar, we increased our private brand penetration by approximately 80 basis points. Moving forward, we expect to continue growing private brands penetration as we further improve merchandise, presentation, packaging and quality control standards. For example, we recently opened a new test kitchen here in Chesapeake and are excited about our growing pipeline of private brand products across consumables, health and beauty and other high-growth categories. We are also encouraged by the margin opportunities associated with expanding our private brands business.

Family Dollar 的轉機正在獲得有意義的牽引力。除了流量增加外，Family Dollar 的收入還受到平均票價增長 2.2% 的推動。在 Family Dollar，我們將自有品牌滲透率提高了大約 80 個基點。展望未來，隨著我們進一步提高商品、展示、包裝和質量控制標準，我們希望繼續提高自有品牌的滲透率。例如，我們最近在切薩皮克開設了一個新的測試廚房，並對我們在消費品、健康和美容以及其他高增長類別中不斷增長的自有品牌產品線感到興奮。我們也對與擴大自有品牌業務相關的利潤機會感到鼓舞。

Last year, we took pricing actions at Family Dollar to bring us more in line with our most direct competition. These price investments strengthen our value offering at Family Dollar and followed our transition to the $1.25 price point at Dollar Tree, along with investments in wages and store standards, the steps we have taken on pricing across both segments are critical to improving our long-term financial and operating performance. As I mentioned earlier, the consumer continues to be under pressure. There are simply fewer dollars available to them, and those dollars are not going as far as they did a year or 2 ago. We are past the multiple rounds of government stimulus. SNAP dollars have been reduced and tax refunds are running lower. These impacts, combined with persistent inflation, have more families prioritizing needs over wants.

去年，我們在 Family Dollar 採取了定價行動，使我們更符合我們最直接的競爭。這些價格投資加強了我們在 Family Dollar 的價值提供，並在我們過渡到 Dollar Tree 的 1.25 美元價格點之後，以及對工資和商店標準的投資，我們在兩個細分市場上採取的定價措施對於改善我們的長期發展至關重要財務和經營業績。正如我之前提到的，消費者繼續承受著壓力。可供他們使用的美元越來越少，而且這些美元的用處也不像一兩年前那麼多。我們已經過了多輪政府刺激計劃。 SNAP 美元已經減少，退稅也越來越少。這些影響，加上持續的通貨膨脹，使更多家庭將需求置於需求之上。

Both Dollar Tree and Family Dollar are part of the solution for shoppers buying for need and close to need as they look to stretch their paychecks. Our stores are nearby, easy to shop, and provide tremendous value. While these factors are contributing to the mix shift and pressuring our gross margins, they are also driving more shoppers into our stores with increased frequency. We will continue to respond to the needs of the consumer across both consumables and discretionary categories by offering tremendous value and a great selection. While this mix shift towards consumables is clearly a margin headwind, it is worth noting that the promotional environment remains rational and is not driving any additional margin pressure.

Dollar Tree 和 Family Dollar 都是為需要和接近需要的購物者提供解決方案的一部分，因為他們希望增加收入。我們的商店就在附近，購物方便，並提供巨大的價值。雖然這些因素導致了產品組合的轉變並對我們的毛利率構成壓力，但它們也促使更多的購物者以更高的頻率進入我們的商店。我們將繼續通過提供巨大的價值和豐富的選擇來滿足消費者對消費品和非必需品類別的需求。雖然這種向消費品的組合轉變顯然是利潤率的逆風，但值得注意的是，促銷環境仍然是理性的，並沒有帶來任何額外的利潤率壓力。

At Dollar Tree, we made great strides with our multi-price strategy, and we remain on track to add $3 and $5-plus items to another 1,800 stores this year. In quarter 1, we added Dollar Tree Plus assortments to more than 400 stores and anticipate accelerating the pace of this rollout over the balance of the year. Additionally, we have aggressively expanded our product assortment at Dollar Tree stores with $3, $4 and $5 frozen and refrigerated products, adding 3,500 stores last year alone on this initiative.

在 Dollar Tree，我們的多價策略取得了長足進步，今年我們仍有望在另外 1,800 家商店中增加 3 美元和 5 美元以上的商品。在第一季度，我們向 400 多家商店添加了 Dollar Tree Plus 分類，並預計在今年餘下時間加快推出速度。此外，我們還積極擴大 Dollar Tree 商店的產品種類，推出 3 美元、4 美元和 5 美元的冷凍和冷藏產品，僅去年一年就增加了 3,500 家商店。

During the first quarter, we added multi-price frozen and refrigerated doors and more than 400 Dollar Tree stores. Both our Dollar Trees Plus and our multi-price frozen assortments drive incremental sales, with average ticket more than doubling its stores that we have added this expanded offering. Consumers are clearly responding, and the sales driving initiatives are already having a measurable impact on our results.

第一季度，我們增加了多價冷凍和冷藏門以及 400 多家 Dollar Tree 商店。我們的 Dollar Trees Plus 和我們的多價冷凍產品都推動了銷量的增長，平均票價是我們增加了這一擴展產品的商店的兩倍多。消費者的反應很明顯，銷售推動計劃已經對我們的業績產生了可衡量的影響。

Family Dollar, we are on track to add 16,000 new cooler doors in 2023. This is helping drive Family Dollar to its highest market share in close to 4 years as measured by quarter 1 dollar volume. On a unit volume basis, Family Dollar's quarter 1 share of industry growth was the highest in more than 3 years. We continue to improve the in-store experience at Family Dollar and completed more than 250 store renovations in the quarter.

Family Dollar，我們有望在 2023 年增加 16,000 個新的冷卻器門。這有助於推動 Family Dollar 達到近 4 年來最高的市場份額，以第一季度的美元銷量衡量。按銷量計算，Family Dollar 第一季度的行業增長份額是 3 年多來最高的。我們繼續改善 Family Dollar 的店內體驗，並在本季度完成了 250 多家店面裝修。

On last quarter's call, I shared the strategic rationale for our increased SG&A spending in 2023. These investments should be pursued as rapidly as our management bandwidth will allow. The sooner each is implemented, the sooner we will enjoy the benefits and the greater impact of our other investments. All of this is ultimately connected and interdependent. Many of our investments will be ongoing, including those on our associates and store conditions, and again, the results are starting to come in. We have already seen meaningful improvements in sales momentum and reduced associate turnover.

在上個季度的電話會議上，我分享了我們在 2023 年增加 SG&A 支出的戰略依據。這些投資應該在我們的管理帶寬允許的情況下盡快進行。每一項實施得越早，我們就能越早享受其他投資帶來的好處和更大的影響。所有這一切最終都是相互聯繫和相互依存的。我們的許多投資將持續進行，包括對我們的員工和商店條件的投資，而且，結果也開始顯現。我們已經看到銷售勢頭的顯著改善和員工營業額的減少。

In closing, we have a plan. I'm confident this plan will drive meaningful top line growth, increase productivity and improve profitability. We are vigorously executing on it. We will not allow bumps in the road to distract us or slow us down, and it's clear it's starting to work. Our investments in price, our stores, our merchandise and our associates have already begun delivering results.

最後，我們有一個計劃。我相信這個計劃將推動有意義的收入增長，提高生產力和盈利能力。我們正在大力執行。我們不會讓路上的顛簸分散我們的注意力或放慢我們的速度，而且很明顯它開始起作用了。我們在價格、商店、商品和員工方面的投資已經開始產生成果。

We will get to where we're going, but how we get there matters as well. I firmly believe that investments in our people and the communities we serve are the cornerstones of a successful retailer. We have taken a comprehensive approach to improve wages and benefits for our people and to increase associate engagement to make Dollar Tree and Family Dollar great places to work and grow. It is vital for the continued success of our organization to have a strong culture. While there is work to be done, we are pleased that our culture efforts are taking root and building the foundation for a thriving future.

我們會到達我們要去的地方，但我們如何到達那裡也很重要。我堅信，對我們的員工和我們所服務的社區的投資是成功零售商的基石。我們採取了全面的方法來提高我們員工的工資和福利，並增加員工的參與度，使 Dollar Tree 和 Family Dollar 成為工作和成長的好地方。擁有強大的文化對於我們組織的持續成功至關重要。雖然還有很多工作要做，但我們很高興我們的文化努力正在紮根並為繁榮的未來奠定基礎。

Finally, I am so very proud of the tremendous efforts of our 200,000-plus associates, each of whom has contributed to the great progress we are making and each of whom deserves our collective thanks.

最後，我為我們 200,000 多名員工的巨大努力感到非常自豪，他們每一個人都為我們取得的巨大進步做出了貢獻，每一個人都值得我們共同感謝。

While Jeff will cover our outlook in more detail, I want to emphasize that we remain confident in the outlook for our business and our continued sales momentum. Our go-to-market strategies at Dollar Tree and Family Dollar are working and clearly resonating with consumers. I look forward to sharing more detail on our long-term vision and our multiyear outlook next month at our investor conference.

雖然傑夫將更詳細地介紹我們的前景，但我想強調的是，我們對我們的業務前景和持續的銷售勢頭仍然充滿信心。我們在 Dollar Tree 和 Family Dollar 的上市策略正在發揮作用，並明顯引起了消費者的共鳴。我期待在下個月的投資者會議上分享有關我們長期願景和多年展望的更多細節。

I will now turn the call over to Jeff.

我現在將把電話轉給傑夫。

Thank you, Rick, and good morning, everyone. As Rick mentioned, our top line performance was strong in both the Dollar Tree and Family Dollar segments. It was driven by meaningful growth in customer traffic, continued market share gains and an increase in underlying unit growth. Total sales increased 6.1% to $7.3 billion based on comp store sales growth of 4.8%. Traffic increased 5% on a consolidated basis, and average ticket was down slightly. Across the enterprise, our sales mix of consumables increased approximately 200 basis points as customer purchase behavior responded to deteriorating macro conditions.

謝謝你，里克，大家早上好。正如 Rick 所提到的，我們在 Dollar Tree 和 Family Dollar 細分市場的頂級表現都很強勁。它受到客戶流量顯著增長、市場份額持續增長和基礎單位增長增加的推動。基於商店銷售額增長 4.8%，總銷售額增長 6.1% 至 73 億美元。客流量綜合增長 5%，平均票價略有下降。在整個企業，我們的消耗品銷售組合增加了大約 200 個基點，因為客戶的購買行為對不斷惡化的宏觀環境做出了反應。

Our service levels were particularly strong in Q1. In-stock positions improved by 400 basis points in the Dollar Tree segment and by 200 basis points at Family Dollar. Our DC service levels also improved for both segments by nearly 1,600 basis points at Dollar Tree and approximately 500 basis points at Family Dollar.

我們的服務水平在第一季度尤為強勁。 Dollar Tree 部分的庫存頭寸增加了 400 個基點，Family Dollar 部分增加了 200 個基點。我們的 DC 服務水平在 Dollar Tree 和 Family Dollar 兩個部分也提高了近 1,600 個基點和大約 500 個基點。

Operating income decreased by 43% to $419.1 million. Adjusted operating income decreased by 39% to $449.7 million. Recall that in Q1, we cycled the first full quarter of the $1.25 price point transition at Dollar Tree, which resulted in unfavorable margin comparisons given the outsized benefit we saw in Q1 last year. The variance between operating income and adjusted operating income came from a $30 million accrual related to previously disclosed legal proceedings associated with our Family Dollar distribution center in West Memphis, Arkansas.

營業收入下降 43% 至 4.191 億美元。調整後營業收入下降 39% 至 4.497 億美元。回想一下，在第一季度，我們在 Dollar Tree 的 1.25 美元價格點過渡的第一個完整季度進行了循環，鑑於我們在去年第一季度看到的巨大收益，這導致了不利的利潤率比較。營業收入與調整後營業收入之間的差異來自 3000 萬美元的應計費用，該費用與先前披露的與我們位於阿肯色州西孟菲斯的 Family Dollar 配送中心相關的法律訴訟有關。

Gross profit decreased by 4.7% to $2.23 billion as gross margin contracted by 340 basis points. The biggest driver of the gross margin decline was merchandise cost. In Q1 last year, we benefited from the rollout of the $1.25 price point at Dollar Tree. In the current period, our sales mix shifted approximately 200 basis points towards lower-margin consumable merchandise. The impact of higher cost of goods and unfavorable sales mix were partially offset by lower freight costs and markdowns as we cycled the impact of our West Memphis DC closure last year.

由於毛利率收縮 340 個基點，毛利潤下降 4.7% 至 22.3 億美元。毛利率下降的最大驅動因素是商品成本。去年第一季度，我們受益於 Dollar Tree 推出 1.25 美元的價格點。在當前時期，我們的銷售組合將大約 200 個基點轉向利潤率較低的消耗品。由於我們循環了去年西孟菲斯 DC 關閉的影響，較高的商品成本和不利的銷售組合的影響被較低的運費和降價部分抵消。

As Rick noted, elevated levels of shrink represent a persistent challenge. In Q1, shrink negatively impacted gross margin by 60 basis points and EPS by an incremental $0.14 per share compared to last year. On a business segment basis, Dollar Tree gross margin declined by approximately 530 basis points, primarily from lower merchandise margin based on the higher consumable mix and cycling the initial transition to the $1.25 price point, elevated shrink expense and increased distribution costs.

正如 Rick 指出的那樣，更高的收縮率代表著一個持續的挑戰。在第一季度，與去年相比，收縮對毛利率產生了 60 個基點的負面影響，每股收益增加了 0.14 美元。在業務部門的基礎上，Dollar Tree 毛利率下降了約 530 個基點，這主要是由於較高的消費品組合導致商品利潤率下降，並將初始過渡到 1.25 美元的價格點，收縮費用增加和分銷成本增加。

We benefited modestly from lower spot rates for ocean freight relative to last year. But to date, this is only impacting a small portion of our shipments with a larger impact of savings from freight rate declines to come in the second half and into the years ahead.

與去年相比，我們從較低的海運即期運費中略微受益。但迄今為止，這只影響了我們的一小部分出貨量，下半年和未來幾年運費下降帶來的節省會產生更大的影響。

Family Dollar's gross margin decreased by approximately 100 basis points, with largely the same factors contributing to the decline as Dollar Tree. Specifically, gross margin was negatively impacted by mix, product cost increases, higher shrink and higher distribution costs, partially offset by lower markdowns and lower freight expenses.

Family Dollar 的毛利率下降了大約 100 個基點，導致下降的因素與 Dollar Tree 大致相同。具體而言，毛利率受到產品組合、產品成本增加、收縮率增加和分銷成本增加的負面影響，部分被降價減價和運費減少所抵消。

SG&A as a percentage of revenue increased 150 basis points to 24.8%. The biggest driver was wage investments for store and distribution center associates. We also experienced higher store facility costs as we continue to focus on improving store conditions as well as higher professional and marketing expenses.

SG&A 佔收入的百分比增加了 150 個基點，達到 24.8%。最大的驅動因素是商店和配送中心員工的工資投資。我們還經歷了更高的商店設施成本，因為我們繼續專注於改善商店條件以及更高的專業和營銷費用。

Corporate, support and other expenses were 1.7% of revenue, down approximately 10 basis points from last year. Net income was $299 million, and EPS was $1.35 in comparison to $2.37 a year ago. Adjusted net income was $325.1 million and adjusted EPS was $1.47. The $0.12 adjustment was related to the West Memphis legal accrual. Our effective tax rate was 24.1% versus 23.1% last year, reflecting lower stock-based compensation deductions and higher nondeductible expenses, partially offset by higher work opportunity tax credits. Adjusted for the impact of the West Memphis accrual, the Q1 implied tax rate for this year was 23.3% or 20 basis points higher than Q1 last year.

公司、支持和其他費用佔收入的 1.7%，比去年下降約 10 個基點。淨收入為 2.99 億美元，每股收益為 1.35 美元，而一年前為 2.37 美元。調整後淨收入為 3.251 億美元，調整後每股收益為 1.47 美元。 0.12 美元的調整與西孟菲斯的法定應計費用有關。我們的有效稅率為 24.1%，而去年為 23.1%，反映出較低的股票薪酬扣除和較高的不可扣除費用，部分被較高的工作機會稅收抵免所抵消。根據西孟菲斯應計利潤的影響進行調整後，今年第一季度的隱含稅率為 23.3%，比去年第一季度高出 20 個基點。

Moving to the balance sheet and cash flow, my comments will reflect balance sheet comparisons at the end of Q1 2023 versus Q1 2022. Inventory increased 6.5% primarily from an increase in merchandise costs, DC unit volume growth, the continued rollout of our Dollar Tree multi-price inventory and new store growth. The quality of our inventory remains high and manageable. Q1 capital expenditures were $350.4 million versus $253.4 million. For fiscal 2023, we continue to expect capital expenditures to total approximately $2 billion, with approximately 40% dedicated to business continuity and the balance directed towards growth, optimization and productivity improvement.

轉向資產負債表和現金流，我的評論將反映 2023 年第一季度末與 2022 年第一季度末的資產負債表比較。庫存增加 6.5% 主要是由於商品成本增加、DC 單位數量增長以及美元樹的持續推出多價庫存和新店增長。我們的庫存質量仍然很高且易於管理。第一季度的資本支出為 3.504 億美元，而 2.534 億美元。對於 2023 財年，我們繼續預計資本支出總額約為 20 億美元，其中約 40% 用於業務連續性，其餘用於增長、優化和生產力提高。

In Q1, we repurchased approximately 1 million shares for $151.1 million, of which $7.7 million did not settle until after quarter end. Cash and cash equivalents totaled $872.8 million compared to $1.2 billion. Our cash position increased $230 million in Q1 from the end of fiscal 2022 led by working capital improvements, partially offset by capital expenditures and share repurchases. Free cash flow improved to $402 million from $285 million last year.

在第一季度，我們以 1.511 億美元回購了大約 100 萬股股票，其中 770 萬美元直到季度末才結算。現金和現金等價物總額為 8.728 億美元，而 12 億美元。自 2022 財年末以來，我們的現金狀況在第一季度增加了 2.3 億美元，這主要是由於營運資本的改善，部分被資本支出和股票回購所抵消。自由現金流從去年的 2.85 億美元增至 4.02 億美元。

Moving to our sales and EPS outlook. The company expects consolidated net sales for the second quarter will range from $7 billion to $7.2 billion, based on a mid-single digit increase in comp store sales for the enterprise and for Dollar Tree and Family Dollar segments. Diluted EPS for the second quarter is expected to be in the range of $0.79 to $0.89. As a reminder, the bulk of our ocean freight savings for the year will fall in the second half, as previously mentioned.

轉向我們的銷售和每股收益展望。該公司預計第二季度的綜合淨銷售額將在 70 億美元至 72 億美元之間，基於企業以及 Dollar Tree 和 Family Dollar 細分市場的商店銷售額中等個位數增長。第二季度的稀釋後每股收益預計在 0.79 美元至 0.89 美元之間。提醒一下，如前所述，我們今年節省的大部分海運費將在下半年減少。

With respect to full year fiscal 2023 guidance, recall that fiscal 2023 has a 53rd week. Consolidated sales for the full fiscal year are now expected to range from $30 billion to $30.5 billion. The company expects to deliver a low to mid-single digit comparable store sales increase for the year, comprised of a low to mid-single digit increase in the Dollar Tree segment and a mid-single digit increase in the Family Dollar segment. Selling square footage is expected to grow by 3% to 3.5% for the year, with new store growth back-end weighted.

關於 2023 財年全年指引，請記住 2023 財年有第 53 週。整個財年的綜合銷售額預計在 300 億美元至 305 億美元之間。該公司預計今年可比商店銷售額將實現中低個位數增長，其中包括 Dollar Tree 部分的中低個位數增長和 Family Dollar 部分的中個位數增長。預計全年銷售面積將增長 3% 至 3.5%，新店增長後端加權。

While we modestly raised the midpoint of our top line guidance, we are incrementally more cautious on our margin outlook, given the growing industry-wide challenges of accelerating shrink, the unfavorable shift in sales mix and their impact on our near-term profitability. Since the beginning of the fiscal year, the impact of these 2 factors on our financial results has intensified.

雖然我們適度提高了我們的收入指導的中點，但考慮到加速收縮、銷售組合的不利轉變及其對我們近期盈利能力的影響，我們對利潤率前景越來越謹慎。自財年開始以來，這兩個因素對我們財務業績的影響有所加劇。

We expect that over time, our mix of discretionary will normalize and that we will also improve our performance on shrink through defensive merchandising efforts, real estate optimization and perhaps higher prices to compensate for areas of systematically higher shrink. We expect the combined and continuing full year earnings impact of unfavorable consumables mix and higher shrink is expected to be approximately $0.55 per share in 2023.

我們預計，隨著時間的推移，我們的非必需品組合將正常化，並且我們還將通過防禦性推銷工作、房地產優化以及可能更高的價格來改善我們在收縮方面的表現，以補償系統性收縮率較高的領域。我們預計不利的消耗品組合和更高的收縮對全年收益的綜合和持續影響預計到 2023 年約為每股 0.55 美元。

Our modeling considerations for 2023 outlook include the following. We expect consolidated depreciation and amortization to range from $845 million to $850 million. Net interest expense is expected to be approximately $28 million in Q2 and $110 million for the year. Our outlook assumes a tax rate of 24.1% to 24.3% for the second quarter and 23.9% to 24.1% for fiscal 2023. While our share repurchases are not included in our outlook, we had $1.7 billion remaining under our share repurchase authorization as of April 29. Weighted average diluted share counts are assumed to be 221.4 million shares for Q2 and 221.6 million shares for the full year.

我們對 2023 年展望的建模考慮包括以下內容。我們預計綜合折舊和攤銷在 8.45 億美元至 8.5 億美元之間。預計第二季度的淨利息支出約為 2800 萬美元，全年約為 1.1 億美元。我們的展望假設第二季度的稅率為 24.1% 至 24.3%，2023 財年的稅率為 23.9% 至 24.1%。雖然我們的股票回購不包括在我們的展望中，但截至 4 月，我們的股票回購授權剩餘 17 億美元29. 假設第二季度加權平均稀釋股數為 2.214 億股，全年為 2.216 億股。

For the balance of 2023, we will work diligently to offset potential margin pressures that could come from elevated levels of discretionary inventory. We are taking actions to mitigate the potential impact of these cost pressures such as further optimizing our promotional spending and vendor allowances, identifying opportunities to further reduce inbound freight costs and managing repairs and maintenance costs. We continue to see full year earnings benefit of $1 per share from lower ocean freight costs this year, which could be significantly weighted towards the back half of the year, and an additional $1 per share benefit in 2024 and beyond.

在 2023 年餘下的時間裡，我們將努力工作以抵消可自由支配庫存水平升高可能帶來的潛在利潤壓力。我們正在採取行動減輕這些成本壓力的潛在影響，例如進一步優化我們的促銷支出和供應商津貼，尋找進一步降低入境貨運成本的機會以及管理維修和維護成本。我們繼續看到今年較低的海運成本帶來每股 1 美元的全年收益收益，這可能會顯著影響下半年，並且在 2024 年及以後每股收益將增加 1 美元。

As a result of the factors I just outlined, we are revising our diluted GAAP EPS outlook for fiscal 2023 to a range of $5.73 to $6.13, which includes the expected contribution from the 53rd week and the $0.12 legal reserve taken in Q1.

由於我剛才概述的因素，我們正在將 2023 財年的稀釋後 GAAP 每股收益展望修改為 5.73 美元至 6.13 美元，其中包括第 53 週的預期貢獻和第一季度提取的 0.12 美元法定儲備金。

I will now turn the call back over to Rick for closing remarks.

我現在將把電話轉回 Rick 以作結束語。

Thank you, Jeff. We are continuing to execute at a high level and acting with urgency around our business transformation, and I am pleased with our solid start to 2023. We are looking forward to our investor conference next month, where we expect to provide our investors and analysts with a multiyear outlook for the business, including a substantive and comprehensive overview of the key elements of our business. Our team has identified multiple levers to unlock value, and we have strong underlying business momentum that positions us favorably in the current retail and economic environment. We see a path to greater earnings power over the next 3 years and look forward to sharing our plans in more detail next month.

謝謝你，傑夫。我們將繼續以高水平執行並緊迫地圍繞我們的業務轉型採取行動，我對我們到 2023 年的良好開端感到高興。我們期待著下個月的投資者會議，我們希望在會上為我們的投資者和分析師提供多年的業務展望，包括對我們業務關鍵要素的實質性和全面性概述。我們的團隊已經確定了多種槓桿來釋放價值，而且我們擁有強大的潛在業務勢頭，使我們在當前的零售和經濟環境中處於有利地位。我們看到了在未來 3 年內提高盈利能力的途徑，並期待在下個月更詳細地分享我們的計劃。

I also want to take this opportunity to welcome our new Supply Chain Officer, Mike Kindy. I have worked with Mike in previous organizations, and he is a proven subject matter expert and thought leader in supply chain and logistics. I am very confident that Mike will demonstrate continued success at Dollar Tree based on his past record. I also want to thank John Flanagan for his contributions, which helped us get to where we are today. While John communicated to us at the outset is desired to serve only for a short period, over the past year, john has led our supply chain strategy and has overseen the early stages of the process to optimize our distribution network and he's had a tremendous impact.

我還想藉此機會歡迎我們的新供應鏈官 Mike Kindy。我曾在之前的組織中與 Mike 共事過，他是供應鍊和物流領域公認的主題專家和思想領袖。我非常有信心邁克將根據他過去的記錄在 Dollar Tree 繼續取得成功。我還要感謝 John Flanagan 所做的貢獻，是他幫助我們取得了今天的成就。雖然 John 一開始就告訴我們只希望短期服務，但在過去的一年裡，John 領導了我們的供應鏈戰略，並監督了流程的早期階段以優化我們的分銷網絡，他產生了巨大的影響.

We are moving at a fast pace in our journey to fundamentally reposition our combined retailing operations for sustainable long-term growth. Our efforts are already paying off in the form of significant market share gains at both segments. Both formats have a clear runway for accelerated growth in productivity and profitability. Our leaders have complete ownership over the factors that will shape our outlook for the next 3 to 5 years. We have a winning team of more than 200,000 associates who are highly motivated and eager to succeed. I look forward to sharing more next month at our conference.

我們正在快速前進，從根本上重新定位我們的聯合零售業務，以實現可持續的長期增長。我們的努力已經在這兩個細分市場以顯著的市場份額增長的形式獲得回報。這兩種格式都有一條清晰的跑道，可以加速生產力和盈利能力的增長。我們的領導人對影響我們未來 3 到 5 年前景的因素擁有完全的自主權。我們擁有一支由 200,000 多名員工組成的成功團隊，他們積極進取，渴望成功。我期待在下個月的會議上分享更多。

And one last note. Before we go to Q&A, I want to share some IR news with you. Several months ago, Randy Guiler communicated with us his retirement plans. This advanced notification provided us with ample opportunity to seek Randy's replacement. I want to thank Randy for his 9 years of dedicated service leading the IR function at Dollar Tree. I am pleased to share that [Bob LaFleur] joined Dollar Tree on Monday of this week as our new SVP of Investor Relations. Randy will be with us at our upcoming investor conference and is continuing in his current role with the company through the month of June to help facilitate a smooth transition. Please join me in congratulating Randy on his impending retirement, and Bob on his new role at Dollar Tree.

最後一個音符。在我們進行問答之前，我想與您分享一些 IR 新聞。幾個月前，Randy Guiler 向我們傳達了他的退休計劃。這一提前通知為我們提供了充足的機會來尋找 Randy 的替代者。我要感謝 Randy 在 Dollar Tree 領導 IR 職能部門 9 年的專注服務。我很高興與大家分享 [Bob LaFleur] 於本週一加入 Dollar Tree，成為我們新的投資者關係高級副總裁。 Randy 將與我們一起參加我們即將舉行的投資者會議，並將在 6 月份繼續擔任公司目前的職務，以幫助促進平穩過渡。請和我一起祝賀 Randy 即將退休，並祝賀 Bob 在 Dollar Tree 擔任新職務。

Operator, Jeff and I are now ready to take questions.

接線員、Jeff 和我現在準備好回答問題了。

(Operator Instructions) We will take our first question from John Heinbockel from Guggenheim.

（操作員說明）我們將從古根海姆的 John Heinbockel 那裡回答我們的第一個問題。

So Rick, it's more of a strategic question, right? If I think about your initiatives and then the consumer, do you think that consumable penetration, right, that mix not only will remain elevated, maybe the consumables mix goes higher over time. What's your thought on that? And then mitigating the impact of mix on margin. Private label will help, but maybe talk about where do you think that goes and the opportunity to do sort of ultimately a DG Fresh like distribution initiative, right, to bring down COGS in that area.

所以瑞克，這更像是一個戰略問題，對吧？如果我考慮你的舉措，然後考慮消費者，你認為消費品滲透率，對吧，這種組合不僅會保持高位，而且隨著時間的推移，消費品組合可能會變得更高。你對此有何看法？然後減輕混合對保證金的影響。自有品牌會有所幫助，但也許可以談談你認為它會走向何方，以及有機會最終採取類似 DG Fresh 的分銷計劃，以降低該地區的 COGS。

Thank you, John. Great question. There's a lot of meat answering that question. The first thing I'd like to say is the strength that we are experiencing consumables has nothing to do with weakness in our discretionary. The fact that we are responding to the needs of the consumer, which is the shift towards consumables, is a really significant step forward for us and that we're introducing consumable products, especially on the Dollar Tree side, that the consumer is responding to.

謝謝你，約翰。很好的問題。有很多肉可以回答這個問題。我想說的第一件事是我們正在經歷消耗品的力量與我們自由裁量權的弱點無關。事實上，我們正在響應消費者的需求，即向消耗品的轉變，這對我們來說是向前邁出的非常重要的一步，我們正在推出消耗品，尤其是在 Dollar Tree 方面，消費者正在響應.

Now when I talk about our discretionary, I think it's also important for everyone in this call to realize that our discretionary is a little bit different than what you'd see out in the marketplace. Our discretionary tends to be high-value items that you can compare to another operator, another retailer, and see a significant difference in the retail price point. So that's part of the reason I'm still very bullish on where we are with discretionary.

現在，當我談論我們的全權委託時，我認為對於這次電話會議中的每個人來說，意識到我們的全權委託與您在市場上看到的有所不同也很重要。我們的非必需品往往是高價值的物品，您可以將其與另一家運營商、另一家零售商進行比較，並發現零售價有顯著差異。所以這就是我仍然非常看好我們可以自由裁量的部分原因。

Now as this shift continues, the advantage for us is twofold. Number one, private brands, and the amount of work that's being done on private brands. And what I'd like to say is not just on the consumable side. Our private brand effort includes HVAC or HBC and all of the higher-margin private label products. So that's another way for us to accelerate the margin on the consumable side. And let's not forget shrink, when you think about the pressure that we're experiencing, shrink tends to be cyclical. And what happens with shrink is we all work to mitigate it. If you can't, all costs that can't be taken out it passed on the consumer eventually. So we're keeping an eye on it.

現在隨著這種轉變的繼續，我們的優勢是雙重的。第一，自有品牌，以及在自有品牌上所做的工作量。我想說的不僅僅是消費品方面。我們的自有品牌努力包括 HVAC 或 HBC 以及所有利潤率較高的自有品牌產品。因此，這是我們加快消耗品方面利潤率的另一種方式。別忘了收縮，當你想到我們正在經歷的壓力時，收縮往往是周期性的。收縮會發生什麼，我們都在努力減輕它。如果做不到，所有無法扣除的成本最終都會轉嫁給消費者。所以我們一直在關注它。

And I would say, John, again, as we talk about margin, the shrink issue, we have 4 classes of shrink stores, with 4 being the highest. The shrink impact is pretty uniform through all 4 classes which I've never seen that in my career, which is truly fascinating. So in regards to the fresh concept, right now, we are committed to frozen food and refrigerated, which is one of the highest growing categories with our particular consumer.

我要說的是，約翰，當我們談論利潤率、收縮問題時，我們有 4 類收縮商店，其中 4 類是最高的。在我的職業生涯中，我從未見過所有 4 個級別的收縮效果非常均勻，這確實令人著迷。因此，關於新鮮概念，目前，我們致力於冷凍食品和冷藏食品，這是我們特定消費者增長最快的類別之一。

We will take our next question from Simeon Gutman from Morgan Stanley.

我們將接受來自摩根士丹利的 Simeon Gutman 的下一個問題。

I wanted to ask about Dollar Tree Plus, I also wanted to ask about the $1.25 price point at Dollar Tree. Can you talk about, I guess, the trade-off here of maybe accelerating a move to higher price points given some of the higher cost pressures, given some of the margin headwinds? Just the trade-off, given how the consumer is behaving and then maybe speeding up Dollar Tree Plus rollout to more stores?

我想問一下 Dollar Tree Plus，我還想問一下 Dollar Tree 的 1.25 美元價格點。你能談談，我想，鑑於一些更高的成本壓力，考慮到一些利潤逆風，這裡可能會加速向更高價格點移動的權衡？只是權衡，考慮到消費者的行為方式，然後可能會加快 Dollar Tree Plus 向更多商店的推出？

Yes, 2 good questions there. We are very excited what we're seeing with Dollar Tree Plus, and our intent is to move that along as fast as we can. The same thing with the $3, $4, $5 frozen food. The change in the basket when those items goes in is significant.

是的，那裡有 2 個好問題。我們對 Dollar Tree Plus 所看到的一切感到非常興奮，我們的目的是盡快推動它。 3 美元、4 美元、5 美元的冷凍食品也是如此。當這些物品進入時籃子的變化很重要。

The price point thing, Rick McNeely, our Chief Merchant, is actually experimenting with a couple more price points in certain stores, and there has been no consumer resistance. I think once we broke the dollar, I think that any backlash on that is behind us. And what Rick is doing, incrementally priced SKUs are not a repetition of what we already have. So we're creating a bigger basket and a broader shopping experience.

價格點問題，我們的首席商人里克·麥克尼利 (Rick McNeely) 實際上正在某些商店嘗試更多的價格點，並且沒有消費者抵制。我認為一旦我們打破了美元，我認為對此的任何反彈都已經過去了。而里克正在做的，增量定價的 SKU 並不是我們已經擁有的產品的重複。因此，我們正在打造更大的購物籃和更廣泛的購物體驗。

If I could just add to that. One of the things that the merchant team is really focused on the whole situation is always making sure that they're giving more value in relation to the market at every price. And while some of our prices in relation to where we were previously embracing the dollar at a higher price point, continue to have that price separation and value separation against other competitors in the marketplace.

如果我可以添加到那個。商人團隊真正關注整體情況的一件事是始終確保他們在每個價格上都提供與市場相關的更多價值。雖然我們的一些價格與我們之前以更高的價格接受美元的價格相關，但與市場上的其他競爭對手相比，價格和價值仍然存在差異。

We will take our next question from Edward Kelly from Wells Fargo.

我們將從富國銀行的愛德華凱利那裡接受下一個問題。

So first on shrink. Just quickly, could you just walk us through the surprise there? I would think that shrink would be tied to, like, a year in inventory count, so I'm just curious as to what happened there.

所以首先收縮。快點，你能帶我們看看那裡的驚喜嗎？我認為收縮會與一年的庫存盤點有關，所以我只是想知道那裡發生了什麼。

And then Rick, for you. Big picture, we all see the potential here and we hear you that nothing changes with all this. But the base that we're looking at as a starting point has been going down. And I'm sure you joined because you saw potential for significantly higher earnings than you're going to be at $6 this year. But I guess the question is the timing around the inflection. And you mentioned sort of 3 years, but like how quickly do you think we can begin to see that acceleration?

然後是里克，給你。大局觀，我們都看到了這裡的潛力，我們聽到你說這一切都沒有改變。但是我們作為起點的基礎一直在下降。我相信你加入是因為你看到了比你今年 6 美元的收入高得多的潛力。但我想問題是拐點前後的時間。你提到了大約 3 年，但你認為我們能以多快的速度開始看到這種加速？

This is Jeff. I'll take the first part of the question regarding shrink. When we gave our guidance for the year, we had approximately less than 10% of our stores have taken their inventories for the year. And while we did see some elevation in that shrink, that was embedded in our guidance for the year. As we move through the course of the quarter, we saw a pretty rapid increase in the level of shrink that was being experienced by the stores. And as Rick has said, we were seeing that across all strength classes, which was really out of the normal for us. That's the reason why we needed to make the adjustment.

這是傑夫。我將回答有關收縮的問題的第一部分。當我們給出當年的指導時，我們只有不到 10% 的商店清點了當年的庫存。雖然我們確實看到了縮減的一些提升，但這已包含在我們今年的指導中。在本季度的整個過程中，我們看到商店所經歷的收縮程度迅速增加。正如 Rick 所說，我們在所有力量等級中都看到了這一點，這對我們來說確實是不正常的。這就是我們需要進行調整的原因。

So through this period of time, we only have a little less than 40% of our stores that have taken their inventories. We are anticipating that what we're seeing today could accelerate even further because we still have a number of our higher shrink class stores still left, and that's what's being reflected in the adjustment that we had for the year. But based upon what we know today, based upon some other leading indicators, we believe that the adjustment we make is most appropriate. This is not unlike what you're seeing in many other retailers across the industry. Some of this is societal, some of it is economic, some of it, of course, is particular to us. And we're taking all the appropriate steps that we can to control and mitigate this where we can.

因此，在這段時間裡，我們只有不到 40% 的商店清空了庫存。我們預計我們今天所看到的情況可能會進一步加速，因為我們仍然有一些更高的收縮級別商店，這就是我們今年進行的調整所反映的。但基於我們今天所知道的，基於其他一些領先指標，我們認為我們所做的調整是最合適的。這與您在業內許多其他零售商中看到的情況沒有什麼不同。其中一些是社會性的，一些是經濟性的，當然，其中一些是我們特有的。我們正在採取所有可能的適當步驟來控制和減輕這種情況。

Then, Ed, on the second part of your question, the first thing I'd like to say is we intend to highlight a lot of that question at the Investor Day, which will give you a little more clarity to how it's going to shake down and how quick it's going to come.

然後，Ed，關於你問題的第二部分，我想說的第一件事是我們打算在投資者日強調很多這個問題，這會讓你更清楚地知道它將如何動搖下來，它會來多快。

A couple of comments, though, prior to that. Number one, I am very bullish on the opportunity here. And I do think if we are realistic, this consumable shift and the shrink impact are transitory. I do not believe we're going to be living with them forever, and that is all accretive to what we're doing. And then you throw in -- and all of this, Ed, is in motion now, the move to the [78-inch] profile. We're going to add almost 1,000 new SKUs. The work on Dollar Tree Plus, the expanded coolers, the expanded frozen food, the improvement in the physical store facilities. We're reducing our turnover. There's already proof of that by the wage investments we've made, which is going to help us in so many other areas.

不過，在此之前有幾點評論。第一，我非常看好這裡的機會。而且我確實認為，如果我們是現實的，這種消耗品的轉變和收縮的影響是暫時的。我不相信我們會永遠和他們一起生活，而這一切都會增加我們正在做的事情。然後你投入 - 所有這一切，Ed，現在都在運動，轉向 [78 英寸] 配置文件。我們將添加近 1,000 個新的 SKU。 Dollar Tree Plus 的工作、擴展的冷卻器、擴展的冷凍食品、實體店設施的改進。我們正在減少營業額。我們所做的工資投資已經證明了這一點，這將在許多其他領域幫助我們。

So what I'd like to say, there's a lot in motion, I am incredibly confident and optimistic, and we'll lay this out for you in more detail at the Investor Day.

所以我想說的是，有很多事情正在發生，我非常自信和樂觀，我們將在投資者日為您詳細介紹。

We will take our next question from Scot Ciccarelli from Truist Securities.

我們將接受來自 Truist Securities 的 Scot Ciccarelli 的下一個問題。

Scot Ciccarelli. A lot of your initiatives like expanding cooler doors and frozen foods have been focused on driving consumable sales, and that's obviously the driver to the transaction growth, as you've highlighted. But Rick, like as the consumer behavior starts to stabilize, how do you shift consumers back to buying more discretionary goods? Because in theory, your consumable sales gain should be sustainable. And if we look at Dollar General as an example, like their consumable sales spiked during the great recession, but then consumables continue to become a bigger part of their sales pie every year up until the pandemic. So like, how do you actually change that trend once the consumer starts to normalize?

蘇格蘭奇卡雷利。你們的很多舉措，比如擴大冷藏門和冷凍食品，都專注於推動消費品銷售，正如你所強調的那樣，這顯然是交易增長的驅動力。但是里克，隨著消費者行為開始穩定，你如何讓消費者重新購買更多可自由支配的商品？因為從理論上講，您的消耗品銷售收益應該是可持續的。如果我們以 Dollar General 為例，就像他們的消費品銷售額在大衰退期間飆升一樣，但在大流行之前，消費品每年都繼續成為他們銷售蛋糕中更大的一部分。就像，一旦消費者開始正常化，你如何真正改變這種趨勢？

Another great question. And I would say this, and no offense to anybody prior to me. Somewhere along the line, we have confused value and cheap. Our consumer is looking for value, and value means that -- it's the classic story I can remember years ago, people -- somebody bought a rake in one of our stores, took it home, used it 1 day and it was broken. Well, that was cheap, but that's not value. And how we are going to manage this, we're doing a better job of procuring products and bringing the right selection in.

另一個很好的問題。我會這樣說，並且沒有冒犯我之前的任何人。沿線的某個地方，我們混淆了價值和便宜。我們的消費者正在尋找價值，而價值意味著——這是我多年前記得的經典故事，人們——有人在我們的一家商店買了一把耙子，把它帶回家，用了一天就壞了。好吧，那很便宜，但這不值錢。以及我們將如何管理這一點，我們在採購產品和引入正確的選擇方面做得更好。

The people at Dollar Tree are making their first trip to China in over 3 years, and we're really excited. Now, they'll be able to stand face-to-face with the manufacturer and the vendor and be able to see and hold and feel what they're going to bring into the store. And then the other thing, Scot, to be frank, the consumer is going to make that choice. If we have the right products, the right selection and we promote value, the consumer is going to gravitate there anyway.

Dollar Tree 的員工 3 年來第一次來到中國，我們非常興奮。現在，他們將能夠與製造商和供應商面對面，能夠看到、握住和感覺到他們將帶進商店的東西。然後另一件事，斯科特，坦率地說，消費者將做出選擇。如果我們有正確的產品、正確的選擇並且我們提升價值，消費者無論如何都會被吸引到那裡。

We will take our next question from Peter Keith from Piper Sandler.

我們將接受 Piper Sandler 的 Peter Keith 的下一個問題。

So the transaction comps are pretty impressive and nice to see. I'm curious with the economic backdrop, what type of trade-in/track-down benefit you're seeing? Obviously, you're getting more customers in stores. Is this repeat behavior? Or are you starting to see new customers that you can track behavior on?

所以交易比較令人印象深刻，很高興看到。我對經濟背景很好奇，您看到什麼樣的以舊換新/追查收益？顯然，您在商店中吸引了更多顧客。這是重複行為嗎？或者您是否開始看到可以跟踪其行為的新客戶？

We're actually seeing new customers. Our core customer is coming more frequently. Now when they come, they don't spend any more, but they come more often. And what we're now seeing is the trade down in that $80,000 income range, and we're actually beginning to target that consumer, and that consumer is more wrapped up in the consumable business.

我們實際上看到了新客戶。我們的核心客戶來得更頻繁了。現在當他們來的時候，他們不再花錢，但他們來得更頻繁了。我們現在看到的是 80,000 美元收入範圍內的交易，我們實際上開始瞄準該消費者，而該消費者更專注於消費品業務。

And one of the things that Jeff highlighted, I hope that everybody caught was the improvement in our service level to the stores, which is significant. And that service level improvement is become -- comes from giving the stores what they want when they order it, and they're drawing consumables at a much higher rate down. And then what happens, when that higher income consumer comes in, they're used to a certain in-stock level, and we're now able to do a better job of satisfying that, which is why we're seeing that trade down.

傑夫強調的其中一件事，我希望每個人都能理解，那就是我們對商店的服務水平得到了提高，這是很重要的。服務水平的提高已經成為——來自於在商店訂購時提供他們想要的東西，並且他們以更高的速度消耗消耗品。然後會發生什麼，當高收入消費者進來時，他們已經習慣了一定的庫存水平，我們現在能夠更好地滿足這一點，這就是為什麼我們看到這種交易下降.

And Peter, just to give you a little more dimensionalization. Across both banners, they are averaging about $3 million net new customers over a trailing 12-month period. So you are seeing that customer -- a new customer coming to us. We're seeing that customer shop across the entire store across consumables and discretionary. And as Rick has mentioned, our ability to make sure that we have the right store environment such that they want to come back is an important element for us. That's the reason why we want to continue improving our store standards and delivery and service to those stores.

彼得，只是為了給你更多的維度。在過去的 12 個月裡，他們在這兩個橫幅上的淨新客戶平均約為 300 萬美元。所以你看到那個客戶——一個新客戶來找我們。我們看到客戶在整個商店購買消耗品和非必需品。正如 Rick 所提到的，我們確保我們擁有合適的商店環境以便他們想要回來的能力對我們來說是一個重要因素。這就是為什麼我們要繼續改進我們的商店標準以及對這些商店的交付和服務的原因。

We will take our next question from Karen Short from Credit Suisse.

我們將接受來自瑞士信貸的 Karen Short 的下一個問題。

Look forward to seeing you in a few weeks. I just wanted to ask a couple of things. So on overall margin structure within the Dollar Tree banner, so is it fair to say as we get through the year, you'll have more benefit from freight? So what we're looking at right now is not necessarily the run rate, but there is a mix shift and then that will be offset a little more impactfully in the second half of the year on freight.

期待幾週後與您見面。我只是想問幾件事。因此，在 Dollar Tree 橫幅內的整體利潤率結構上，可以公平地說，隨著我們度過這一年，您將從運費中獲得更多收益嗎？因此，我們現在關注的不一定是運行率，而是混合變化，然後在今年下半年對貨運產生更大的影響。

But then the second bigger thing I wanted to ask is I know you're doing a test on consolidating a distribution center and wondering if you could give some updates on that as it relates to what that could look like as a much bigger rollout as we go forward.

但是我想問的第二件更重要的事情是我知道你正在做一個關於整合配送中心的測試，想知道你是否可以提供一些更新，因為它與我們看起來更大的部署有關前進。

I'll take the second.

我要第二個。

Yes. So on the first portion of the question with respect to margins at Dollar Tree, we had stated earlier that our expectation is we'd be able to manage that business over the course of the year to a 36% to 37% gross margin rate. And there's lots that goes into that, of course, not only product costs but shrink markdowns on some other elements.

是的。因此，關於 Dollar Tree 利潤率的問題的第一部分，我們早些時候曾表示，我們的期望是我們能夠在一年中將該業務管理為 36% 至 37% 的毛利率。當然，這涉及很多因素，不僅是產品成本，還有其他一些因素的降價幅度。

Today, as we look in our guidance, I would say that we would be at the lower end of that range, but we feel comfortable that we will be able to continue managing the business based upon our product offering and how the customer behaviors have been in that 36%, 37% range, so at the lower end of that. There's just a number of elements we believe that we still have to work to from a product offering basis as we look at the introduction of new price points and able to capture a little more margin where previously we weren't able to do so at some of the lower price points.

今天，當我們查看我們的指南時，我會說我們將處於該範圍的低端，但我們感到很自在，我們將能夠根據我們的產品供應和客戶行為如何繼續管理業務在 36%、37% 的範圍內，所以處於該範圍的較低端。我們認為，在我們考慮引入新的價格點並能夠獲得更多利潤的情況下，我們認為我們仍然需要從產品供應的基礎上努力，而以前我們在某些方面無法做到這一點較低的價格點。

Then in regards to the question concerning combined warehouses, we're opening on the process of building one in Florida. We had one in Utah, and we actually converted it to Family Dollar only. It's one of those propositions that sounds easy, makes sense but it tends to be a little more difficult to execute. And what John and Mike have done for us is we've have done -- and which we'll share at the Investor Day, we've done a total analysis of the system. And at the end of the day, this really boils down to stem miles and how far away the distribution center is from the stores.

然後關於聯合倉庫的問題，我們正在打開在佛羅里達州建造一個倉庫的過程。我們在猶他州有一個，實際上我們只將它轉換為家庭美元。這是聽起來簡單、有道理但執行起來往往有點困難的提議之一。 John 和 Mike 為我們所做的是我們已經完成的——我們將在投資者日分享，我們已經對系統進行了全面分析。歸根結底，這實際上歸結為乾英里數以及配送中心與商店的距離。

And I have no opinion, I'm not sold that we need to do it, but I'm not sold that we don't need to do it. But we need to spend a little more time with it. And we're going to give you our thoughts on a more broader base at the investor conference. And then we'll probably have an answer in the next 6 or 7 months where we would go ultimately on a combined warehouse.

我沒有意見，我不相信我們需要這樣做，但我不相信我們不需要這樣做。但是我們需要花更多的時間在上面。我們將在投資者會議上就更廣泛的基礎向您提供我們的想法。然後我們可能會在接下來的 6 或 7 個月內得到答案，我們最終將在一個聯合倉庫上進行。

We will take our next question from Matthew Boss.

我們將接受 Matthew Boss 的下一個問題。

So Rick, at the Dollar Tree banner, could you speak to the economy that you're seeing between the traffic improvement, which obviously is a nice positive, relative to the average ticket decline that you're experiencing? And then just what are you seeing with recent trends to support the sequential comp acceleration that you embedded in your second quarter guidance at the Dollar Tree banner?

所以里克，在 Dollar Tree 的橫幅上，你能談談你在交通改善之間看到的經濟嗎？相對於你正在經歷的平均票價下降，這顯然是一個很好的積極因素？然後，您對最近的趨勢有何看法，以支持您在 Dollar Tree 橫幅上嵌入第二季度指導中的順序補償加速？

Yes. I don't want to give a mid-quarter guidance here. It's we're only 3 weeks -- 3.5 weeks into the quarter. But I will tell you, I am very pleased with the trends and the transaction counts have not changed.

是的。我不想在這裡給出中期指導。我們只有 3 週——進入本季度 3.5 週。但我會告訴你，我對趨勢感到非常滿意，交易數量沒有改變。

I -- Matt, when I look at this, we always want to look at the basket, and I've always believed that footsteps ultimately drive the basket. And I am very pleased with what we're seeing with transactions, and I think the transaction growth we have is leading to the comp sales that we're driving at Dollar Tree. So I remain very, very bullish on both banners at this stage of the game.

我——馬特，當我看這個的時候，我們總是想看籃筐，我一直相信腳步最終會推動籃筐。我對我們在交易中看到的情況感到非常滿意，我認為我們的交易增長正在導致我們在 Dollar Tree 推動的銷售。所以在比賽的這個階段，我仍然非常、非常看好這兩個旗幟。

We will take our next question from Joe Feldman.

我們將從 Joe Feldman 那裡接受下一個問題。

I guess I wanted to go back on the consumables mix, I guess, we all kind of understand the environment we're in. And I guess I'm a little curious as to what was different in the quarter than you expected. It seems like it did accelerate the mix pressure. And you also made reference to an earlier question that you were still -- the discretionary business sounded like it wasn't that bad from your perspective. And I wanted a little more color on performance of discretionary, I guess, if you could share it?

我想我想回到消耗品組合，我想，我們都了解我們所處的環境。而且我想我有點好奇本季度與您預期的不同之處。它似乎確實加速了混合壓力。你還提到了一個較早的問題，你仍然是——從你的角度來看，全權委託業務聽起來還不錯。我想在可自由支配的表現上有更多的色彩，我想，如果你能分享一下嗎？

Yes. Maybe we'll tag team that, if that's okay, and I'll start.

是的。也許我們會標記團隊，如果可以的話，我會開始。

Yes, yes.

是的是的。

If you go back to the last earnings call, we did call out that we were starting to see a shift in shrink and the drive towards consumables. Now there's absolutely no doubt over the last 12, 15 weeks that call out has accelerated. And I think the consumer is feeling the real pressure now of a lot of things that have taken place. We've had change in SNAP benefits, tax returns are smaller than this time last year, all the stimulus is out of the system, and all of that is taking root. And the consumer now is more focused on needs and buying to those needs as close as they can versus wants, and that's the shift we've seen. Now we think that shift is going to continue for a while. We don't particularly believe it's going to get any worse. I can't remember the second part of the question.

如果你回到上一次財報電話會議，我們確實說過我們開始看到收縮的轉變和對消耗品的推動。現在毫無疑問，在過去的 12、15 周里，呼聲已經加快了。而且我認為消費者現在感受到了很多已經發生的事情的真正壓力。我們的 SNAP 福利發生了變化，納稅申報表比去年這個時候小，所有的刺激措施都在系統之外，所有這些都在生根發芽。消費者現在更加關注需求，並儘可能地根據需求購買商品，這就是我們所看到的轉變。現在我們認為這種轉變將持續一段時間。我們並不特別相信它會變得更糟。我不記得問題的第二部分了。

I was just asking discretionary. Yes.

我只是問自由裁量權。是的。

Yes. The reason I bring up discretionary, I think it's really important. Really important. Our discretionary business is still good, and the fact is we've strengthened the consumables side. So we shouldn't be making the assumption that our low-cost pertinent discretionary items are no longer wanted or needed by the customer. It's that they're buying more consumables.

是的。我提出自由裁量權的原因，我認為這非常重要。真的很重要。我們的非必需品業務仍然不錯，事實上我們已經加強了消耗品方面。因此，我們不應該假設客戶不再需要或不需要我們的低成本相關可自由支配項目。這是他們購買了更多的消耗品。

Jeffrey, I don't know if you have anything to add?

Jeffrey，我不知道你有什麼要補充的嗎？

Yes. I was just going to add a little -- provide a little dimension on the acceleration of consumables.

是的。我只是想補充一點——提供一個關於消耗品加速的小維度。

So in the fourth quarter, you may recall that for Dollar Tree, on a year-over-year basis, they were flat in their mix, and Family Dollar was about 120 basis point shift into consumables. If you fast forward to the first quarter of this year, Dollar Tree is now 180 basis points shift into consumables and Family Dollar was 200 basis points, so you saw a pretty significant, on a year-over-year basis, shift more into the consumables. And that's what our financials have reflected, but that should hopefully give you a indication of just the quantum of what that shift is.

因此，在第四季度，您可能還記得，對於 Dollar Tree，與去年同期相比，他們的組合持平，而 Family Dollar 大約有 120 個基點轉變為消費品。如果你快進到今年第一季度，Dollar Tree 現在有 180 個基點轉向消費品，Family Dollar 有 200 個基點，所以你看到一個非常重要的，與去年同期相比，更多地轉向消費品消耗品。這就是我們的財務狀況所反映的，但希望這應該能讓您了解這種轉變的程度。

And if you think on a margin basis, what that does for you is that there's about a full 20-point differential in your gross and your initial margins between discretionary and consumables. So when that dollar shifts from discretionary into consumables on average, you're losing 20 points of initial margin.

而且，如果您以保證金為基礎考慮，那對您的作用是，您的毛利率與非必需品和消耗品之間的初始利潤率相差大約 20 個百分點。因此，平均而言，當美元從非必需品轉變為消耗品時，您將損失 20 個點的初始保證金。

We will take our next question from Michael Lasser from UBS.

我們將接受來自瑞銀的 Michael Lasser 的下一個問題。

One of the hallmarks of your and your team tenure in the previous retail situation is that you would consistently underpromise and overdeliver and generate consistent and reliable performance. This experience has been colored by surprises due to factors like reinvestment and unanticipated costs such as shrink and mix. At what point do you think Dollar Tree is going to get into the cycle of greater consistency? Is it realistic that, that could happen in the second half of this year?

你和你的團隊在以前的零售情況下任期的標誌之一是，你會一直承諾不足和交付過多，並產生一致和可靠的績效。由於再投資和收縮和混合等意外成本等因素，這種體驗充滿了驚喜。您認為 Dollar Tree 將在什麼時候進入更高一致性的周期？這是否可能在今年下半年發生？

Also, as part of this question, I'm going to put in a second one. The market was focused on Dollar Tree's ability to earn $8 in '24 and potentially $10 in '25. Given these factors that you've outlined today, is it realistic that the market should push off those expectations in light of everything you know?

另外，作為這個問題的一部分，我將提出第二個問題。市場關注 Dollar Tree 在 24 年賺取 8 美元並在 25 年賺取 10 美元的能力。鑑於您今天概述的這些因素，根據您所知道的一切，市場應該推遲這些預期是否現實？

And then lastly, you've alluded to this incremental price points above $1.25, presumably, that's above $1.25, but below $3. Can you give us more detail on that? It sparked a lot of interest so far this morning.

最後，你提到了 1.25 美元以上的增量價格點，大概是高於 1.25 美元，但低於 3 美元。你能給我們更多的細節嗎？今天早上到目前為止，它引起了很多興趣。

So I'll take the first part, let Jeff handle the second. Underpromise, overdeliver, I think, has been the mantra of my career, and I cannot deny that. But I will make a couple of comments.

所以我負責第一部分，讓 Jeff 處理第二部分。我認為，承諾不足，交付過多，一直是我職業生涯的口頭禪，我不能否認這一點。但我會發表一些評論。

Number one, when we started the journey at my previous employer, we were priced. We did not do it in the public arena. And what you're seeing is a lot of the maturations we went through a long, long time ago. I do believe we are on the right path. I do believe all the things we're doing are right, and I do believe there's a payoff coming. And what we will do at the Investor Day is we're going to show you that map. And what I'd like to do is hold on until that time, Michael. So I can -- so we can stand up there with charts and graphs and show you the journey.

第一，當我們在我的前任雇主那裡開始旅程時，我們被定價了。我們沒有在公共場合這樣做。你看到的是我們在很久很久以前經歷過的許多成熟過程。我相信我們走在正確的道路上。我確實相信我們正在做的所有事情都是正確的，而且我確實相信會有回報。我們將在投資者日做的是向您展示那張地圖。我想做的就是堅持到那個時候，邁克爾。所以我可以 - 所以我們可以站在那裡用圖表和圖表向你展示旅程。

But I think we are getting this level set now. Every day, we find something new we didn't know about, and we're going to have to go out and get it fixed. And this is a journey, and I've got the right people around me. I've got 200,000 people that are excited, that are dying to be led. And we just need a little bit of time, and we're going to lay it all out for you in about 4 weeks.

但我認為我們現在已經達到了這個水平。每天，我們都會發現一些我們不知道的新東西，我們將不得不出去解決它。這是一段旅程，我身邊有合適的人。我有 200,000 人很興奮，他們渴望被領導。我們只需要一點時間，我們將在大約 4 週內為您安排好一切。

Jeffrey, I'll let you handle that.

杰弗裡，我會讓你處理的。

The only thing I would add to that is that we are very confident that we will be able to deliver double-digit EPS. And the actions to get there, we are embarked upon currently. As Rick has said, we are confident in what we're doing. You're starting to see some of the results from a top line perspective. The components of how we get there and the time frame that we get there would be best illustrated when we get to the Investor Day, and we don't want to take anything away from that period of time. But we are confident the double-digit EPS is in our near-term horizon.

我唯一要補充的是，我們非常有信心能夠實現兩位數的每股收益。以及實現目標的行動，我們目前正在著手。正如里克所說，我們對我們正在做的事情充滿信心。您開始從頂線的角度看到一些結果。我們到達那裡的組成部分和我們到達那裡的時間框架將在我們到達投資者日時得到最好的說明，我們不想從那段時間拿走任何東西。但我們相信，兩位數的每股收益在我們的近期範圍內。

I think on the price point, (inaudible)?

我認為在價格點上，（聽不清）？

Multi-price.

多價格。

I'm sorry. The specific question on multi-price?

對不起。關於多價格的具體問題？

Yes. Could you say it again, sir?

是的。先生，您能再說一遍嗎？

Yes. So you have alluded to testing several times on this call, incremental price point. The interpretation is that those are above $1.25, but below the Dollar Tree Plus price point of $3 and $5 items. So if you could elaborate on that test, it will be super helpful.

是的。所以你已經提到在這個電話會議上多次測試增量價格點。解釋是那些高於 1.25 美元，但低於 3 美元和 5 美元商品的 Dollar Tree Plus 價格點。因此，如果您能詳細說明該測試，那將非常有幫助。

Yes. To answer your question, at this stage of the game, north of $1.25 and less than $5. That is a correct assumption. That doesn't mean that's where we're going to land when this is all said and done. But yes, we are -- that was -- that's very fair, between $1.25 and $5 is where we're at right now with no duplication of the SKU.

是的。回答你的問題，在遊戲的這個階段，高於 1.25 美元且低於 5 美元。這是一個正確的假設。這並不意味著當這一切都說完並完成時，這就是我們要降落的地方。但是，是的，我們 - 那是 - 這是非常公平的，我們現在處於 1.25 美元到 5 美元之間，沒有重複的 SKU。

We will take our next question from Krisztina Katai from Deutsche Bank.

我們將從德意志銀行的 Krisztina Katai 那裡回答下一個問題。

Just wanted to quickly follow up on some of the increased pressure points on margins. Could you just talk about how you see the promotional environment evolve from here? And I know you said that currently, it's still very rational. But in case some of the larger players do pick up price investments, can you just talk about how much you can potentially lean on to your vendors, better source? And I think, Rick, you said that you view shrink as something that is cyclical. But can you just talk about some of the steps that you can take right now to mitigate it?

只是想快速跟進一些利潤率增加的壓力點。您能談談您如何看待促銷環境從這裡演變而來的嗎？我知道你說目前，它仍然是非常理性的。但如果一些較大的參與者確實接受了價格投資，你能談談你可以在多大程度上依賴你的供應商，更好的來源嗎？我想，里克，你說過你認為收縮是一種週期性的東西。但是你能談談你現在可以採取的一些措施來緩解它嗎？

Yes. I'll talk about the promotional environment. I'll reinforce that it's very stable right now. And I will also tell you this, we are generating, on the Family Dollar side, vendor relationships we have not had in a very, very long time in this banner. And those vendor relationships are driven by our ability to execute on the commitments we make to the vendor and the manufacturer. And it is -- and that's how you get the incremental support for incremental markdowns in case you have to go to battle in print.

是的。我會談談促銷環境。我會強調它現在非常穩定。我還要告訴你，我們正在 Family Dollar 方面建立供應商關係，我們在這個橫幅上已經很長時間沒有了。這些供應商關係是由我們履行我們對供應商和製造商做出的承諾的能力驅動的。它是 - 這就是你如何獲得對增量降價的增量支持，以防你必須參加印刷戰鬥。

However, I do not see that. I think the market is as rational as I have ever seen.

但是，我不這麼認為。我認為市場是我所見過的最理性的。

Anything you want to take, Jeff?

傑夫，你想帶什麼？

Yes. On shrink, it's a multifaceted sort of approach. You definitely start off with a sense of merchandising, where there's opportunities for us in some situations to how you display items, what restrictions you have and how that banner is displayed. And those are the types of things that we don't particularly care for because we know that, that impacts sales, but it's an inevitable portion. We introduced new technologies within the store, how we monitor and alerts. We take such steps quite honestly in working more closely with local law enforcement to the extent that there is elevated levels with systemic communities.

是的。在收縮方面，這是一種多方面的方法。你肯定是從商品推銷開始的，在某些情況下我們有機會了解你如何展示物品，你有什麼限制以及如何展示橫幅。這些是我們並不特別關心的事情類型，因為我們知道這會影響銷售，但這是不可避免的部分。我們在店內引入了新技術，我們如何監控和警報。我們非常誠實地採取這些步驟，與當地執法部門更密切地合作，以提高與系統社區的水平。

But also, as we have been really focused on our turnover and getting certain key positions filled and continue to be in position, that also helps us from a turnover perspective, which is -- also helps afford some of the internal elements of our shrink. So once again, very multifaceted, and we will work all across that.

而且，由於我們一直真正關注我們的營業額並填補某些關鍵職位並繼續擔任職務，這也從營業額的角度幫助我們，這也有助於我們縮減的一些內部因素。所以再一次，非常多方面，我們將在所有方面開展工作。

In the eventuality that this is something that we -- is at elevated levels, and we're going to have to pass some element of this on to our consumer, we'll ultimately have to think about how we will price this into some of our merchandise.

萬一這是我們 - 處於較高水平的事情，我們將不得不將其中的一些元素傳遞給我們的消費者，我們最終將不得不考慮如何將其定價為一些我們的商品。

Krisztina, I'd add one last thing, too. Shrink tends to fall into certain categories. And in our higher shrink stores we're actually exploring, do we need the same assortment as a low shrink category store? So those are the kinds of things we're looking forward. To Jeff's point, we're looking at everything right now to mitigate the problem.

Krisztina，我還要補充最後一件事。收縮往往屬於某些類別。在我們實際探索的高收縮商店中，我們是否需要與低收縮類別商店相同的分類？所以這些就是我們期待的事情。就 Jeff 的觀點而言，我們現在正在研究一切以緩解該問題。

Now, I will hand over back to Randy Guiler. Please go ahead, sir.

現在，我將交還給 Randy Guiler。請繼續，先生。

Thank you for joining us today, and we hope to see you at our investor conference on June 21. Have a good day.

感謝您今天加入我們，我們希望在 6 月 21 日的投資者會議上見到您。祝您有美好的一天。

Thank you for joining today's call. You may now disconnect.

感謝您參加今天的電話會議。您現在可以斷開連接。